Whitecap Resources Inc. (WCP.TO) is still in the red in the
afternoon, down almost 7% to $9.86. More than 5.2 million shares
have changed hands.
The company announced that it has entered into an arrangement
agreement providing for its acquisition of the issued and
outstanding common shares of Midway Energy Ltd. (MEL.TO). Midway is
a light oil weighted public company with its primary operations
located in the Garrington area of Alberta where the majority of its
production and reserves are focused in the Cardium formation.
Under the terms of the transaction, Midway shareholders shall
receive, for each Midway common share held, at the election of the
holder: $4.85 cash or 0.4802 of a Whitecap common share or a
combination of cash and Whitecap Shares, subject in each case to a
Midway is still in the green at $4.71, but has pared earlier
gains. More than 16 million shares have changed hands.
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